It was announced yesterday evening that PlayStation VR is coming later this year and at a much lower cost than previous VR headsets.

At €400, the PlayStation VR is one of the lowest in the market, however it requires both the Move controllers and a PlayStation camera in order to track the movements of the wearer. As it stands right now, more than 230 developers are working to create content for the system with roughly 50 game set to launch alongside it. In fact, Lucasfilm and DICE are currently working on a Star Wars: Battlefront-themed VR experience.

The system is set to launch worldwide on October of this year with no delays expected so far. As for the technical aspects, the headset comes with a 1920x1080, 5.7 inch OLED display with support for 3D Audio and a latency of less than 18 miliseconds.

When compared to the Oculus Rift, which has a resolution of 2160x1200, there's a few variations. For one, the Oculus Rift is more pricey, with an American retail price of $600. However, it is slated for an earlier release with pre-orders due to ship before the end of this month and opening wide for general release no later than July. That, however, is just for PC - although Microsoft has said that Oculus Rift will have Xbox One support.

It's clear that Sony are doubling down on VR by making it cheap and available to all. Obviously, they're keen to lead the charge on VR the same way they did with DVD by turning it from a premium format into a widely-available one that they lead the charge on.

Here's the launch trailer released late last night. Let us know what you think!